How much more money will edward repay compared with

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Your FICO score makes a big difference in how lenders determine what interest rate to charge you. Consider the situation faced by Edward and Jorge. Edward has a fairly poor FICO score of 660 and , as a result pays 18% APR on the unpaid balance of his credit card. Jorge has a FICO score of 740 and pays only 7.3% APR on the unpaid balance of his credit card. If both persons carry an average balance of $3000 on their credit cards for 3 years, how much more money will Edward repay compared with what Jorge owes (moral:you want a high FICO score)? Assume monthly compounding of interest.

Reference no: EM13152639

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